It’s easy to live for the moment and leave planning the future to another time. But when it comes to planning for your retirement, it is never too early.

Many Americans expect they will need to work longer in order to support themselves as they age, and many worry about not having enough of a nest egg to retire. But with the wealth of tools, products, insights and information available to help, you can start planning those “golden years” sooner, more easily and with less worry. 

According to a Gallup poll conducted on behalf of CBS News, less than half of Americans (46 percent) say they will be ready to retire at age 65 or sooner. Notably, this number has dropped 21 points over the last 10 years. The poll also shows that more than a quarter of Americans (28 percent) expect to have to work until they are in their 70s. While one solution to ensure income later in life may be to continue working, another is to start early on a retirement savings plan.

Understand the Issues and Take Action
There is no shortage of tools being offered to help people understand the importance of a retirement plan. MetLife, for example, not only provides products and services, but they also conduct research studies and contribute insights into the broader discussion on the societal and economic issues associated with retirement. Research has yielded a deeper understanding of how people of different generations and in different countries plan for retirement. MetLife found that in Colombia, older generations expect to be supported in old age by their friends, families and communities. Younger people, however, are focused on saving to support themselves.

The Road to Success
Whether you’re just starting to plan for retirement or looking to reevaluate your existing plan, you can take advantage of these four simple steps to guide you:

1. Envision Your Retirement: Though it can be hard for many, now is the time to start thinking about how long you will work or when you want to move to a more exotic locale. Think about your retirement goals. While one never knows exactly what the future may hold, the first step to planning is to envision your golden years now.
2. Determine What Retirement Will Cost… After you’ve identified your retirement goals, be realistic about how much they will cost. Begin by identifying your expenses, assets and other income sources and set aside money for unforeseen expenses. This will help you determine what your monthly income should be to make sure you can cover your costs. Consider ensuring a steady source for your retirement income rather than having a simple savings account at the bank.
3. And what your Retirement Income will be: Once you’ve calculated the cost of retirement, assess your investment options. Use a tool such as MetLife’s Retirement Income Snapshot to determine whether you need to adjust your savings rate or explore additional revenue sources in order to have the income you’ll need to live the retirement you’re planning.
4. Protect Your Retirement Income: With your savings plan completed take the time to decide what more you can do to help protect your family and assets during – and after – your retirement.

Although it may be easy to worry later about retirement or just assume you’ll be working well into your 70s, it is never too early to get informed and create a plan. There are a wealth of tools, products, insights and information available to help you start now so you can enjoy those “golden years” worry free. For more details, visit www.metlife.com.

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